On December 31, 2015, Brisbane Company had 100,000 shares of common stock outstanding and 33,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2016, Brisbane purchased 27,000 shares of common stock on the open market as treasury stock paying $43 per share. Brisbane sold 6,300 treasury shares on September 30, 2016, for $48 per share. Net income for 2016 was $183,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 53,000 common shares at $43. The market price of the common shares averaged $53 during 2016.